Cheap Apartments for Rent in Grafton, IA from $400 (48 Rentals)

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Search the lowest-cost Apartments available for rent right now in Grafton.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Radel Court
Rent Specials
$995 - $1,395
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$995 - $1,395
Total Monthly Price
$995 - $1,395
1 to 2 Bedroom Apartments Available Now

Radel Court

520 6th St SEllendale, MN 56026
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  • Utilities Included
  • Smoke Free

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Parkview Place
$1,160 - $1,460
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,045 - $1,345
Required Monthly Fees
$115
Total Monthly Price
$1,160 - $1,460
1 to 3 Bedroom Apartments Available Now

Parkview Place

303 27th St SWAustin, MN 55912
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  • Utilities Included
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Shalom Tower II
1 Bedroom Apartments

Shalom Tower II

321 4th St NEMason City, IA 50401
Senior Living
  • Utilities Included
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The Manor
1 to 2 Bedroom Apartments

The Manor

4 3rd St NWMason City, IA 50401
Senior Living
property at 702 E Main St

$850

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

Studio, 1 Bath Home for Rent

Available Now

702 E Main St

Albert LeaMN56007

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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property at 207 E 4th St

$875

Total Monthly Price

Total Monthly Price

Base Rent
$875
Total Monthly Price
$875

Studio, 1 Bath Condo for Rent

Available Jul 4

207 E 4th St

Albert LeaMN56007
property at 121 Clinton St

$900

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$900
Total Monthly Price
$900

2 Bedroom, 1 Bath Home for Rent

Available Now

121 Clinton St

AustinMN55912
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Grant Village
1 Bedroom Apartments

Grant Village

815-843 6th St SWMason City, IA 50401
Senior Living
  • Utilities Included
property at 262 S Pearl St

$995

Total Monthly Price

Total Monthly Price

Base Rent
$995
Total Monthly Price
$995

2 Bedroom, 1 Bath Condo for Rent

Available Jul 4

262 S Pearl St

Albert LeaMN56007
property at 1203 11th St NW

$1,000

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,000
Total Monthly Price
$1,000

3 Bedroom, 2 Bath Home for Rent

Available Now

1203 11th St NW

AustinMN55912
property at 1102 3rd St NW

$1,090

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,025
Required Monthly Fees
$65
Total Monthly Price
$1,090

3 Bedroom, 1.5 Bath Home for Rent

Available Now

1102 3rd St NW

AustinMN55912
property at 1102 3rd St NW

$1,090

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,025
Required Monthly Fees
$65
Total Monthly Price
$1,090

3 Bedroom, 1.5 Bath Home for Rent

Available Now

1102 3rd St NW

AustinMN55912
property at 240 E Rice St

$1,100

Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100

1 Bedroom, 1 Bath Townhome for Rent

Available Jul 10

240 E Rice St

OwatonnaMN55060

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Academy Apartments
1 to 2 Bedroom Apartments

Academy Apartments

706 E Academy StOwatonna, MN 55060
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Palace Apartments
Studio to 2 Bedroom Apartments

Palace Apartments

90 E Bremer AveWaverly, IA 50677
property at 1111 4th St NW

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

2 Bedroom, 1 Bath Townhome for Rent

Available Jul 3

1111 4th St NW

AustinMN55912
property at 1206 10th St NE

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

2 Bedroom, 1 Bath Home for Rent

Available Now

1206 10th St NE

AustinMN55912
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Grafton, IA Local Guide

Cheapest Available Grafton Apartments for Rent and Nearby

 

The cheapest available apartment rental in Grafton, IA is a Studio unit found at Key Apartments priced from $500. 18 S Adams Ave has the second lowest priced unit, which is a 1 Bed apartment currently listed from $525. Here is today’s list of the most affordable Grafton apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Key ApartmentsEfficiencyStudio,1BA$500
18 S Adams AveOne Bedroom1BR,1BA$525
Key West ApartmentsStudioStudio,1BA$550
CityView ApartmentsStudioStudio,1BA$650
105 Main St S1-bedroom1BR,1BA$675
City Center Kent Apartments1 Bedroom1BR,1BA$800
Northern Place ApartmentsTwo Bedroom2BR,1BA$860
The River Apartments & TownhomesStudio ApartmentStudio,1BA$865
Bricelyn PlazaOne bedroom1BR,1BA$900
A-Lea ApartmentsB and C Buildings1BR,1BA$900

Best Value Apartments for Rent in Grafton, IA and Nearby

As of June 14, 2026 the best value apartment in the Grafton area is the $1.09 price per square foot 2 Bedroom Loft Model at Skye Lofts Apartments in the starting from $1,490. The second greatest value Grafton apartment is the 3 Bedroom 1.5 Bathrooms Model at Pebble Creek Apartments starting at $1,150 with a $1.03 price per square foot . Here is today’s list of the best values for Grafton apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Skye Lofts Apartments2 Bedroom Loft2BR,1.5BA$1.09
Pebble Creek Apartments3 Bedroom 1.5 Bathrooms3BR,1.5BA$1.03
South Pointe Apartments2 Bedroom 2 Bathroom2BR,2BA$1.30
Edge ApartmentsTwo Bedroom2BR,2BA$1.30
Kee Valley Apartments2 Beds, 1 bath2BR,1BA$1.14
CityView Apartments2 bedroom2BR,1BA$1.08
Northern Place ApartmentsOne Bedroom1BR,1BA$1.31
City Center Kent Apartments1 Bedroom1BR,1BA$1.33
105 Main St S1-bedroom1BR,1BA$1.23
18 S Adams AveOne Bedroom1BR,1BA$0.95

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Grafton, IA Rentals by Map

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See the most popular apartments and homes in Grafton, IA

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Frequently Asked Questions about Cheap Grafton Apartments

What is the Cheapest Studio apartment in Grafton?

Currently the most affordable Cheap Studio Apartment in Grafton is at Key Apartments listed at $500.

How much is rent for a Cheap One Bedroom Grafton Apartment?

The lowest price for a Cheap One Bedroom Grafton Apartment is $525 at 18 S Adams Ave.

What is the lowest price for a Cheap Two Bedroom Grafton Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Grafton is starting from $860 at Northern Place Apartments.

What is the most affordable Grafton Three Bedroom Apartment?

The best deal on a cheap Grafton Three Bedroom Apartment rental is at Pebble Creek Apartments and starts from $1,150.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Articles, How-To's, and Tips

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.